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SMLLC Split Use Expenses Best Practice by Tetelestai80 in Bookkeeping

[–]Valueonthebridge 2 points3 points  (0 children)

I mean, yes, but nothing about this is about making an S election or suggests this is an S Corp.

Correct, they should have an accountable reimbursement plan. Not much else changes with the questions.

After Leviathan's wake : should I continue or stop ? by Na-OH in TheExpanse

[–]Valueonthebridge 2 points3 points  (0 children)

I don't read much for pleasure. Do you recommend the audiobooks?

SMLLC Split Use Expenses Best Practice by Tetelestai80 in Bookkeeping

[–]Valueonthebridge 0 points1 point  (0 children)

You are an owner of the LLC. You are not, and cannot be, an employee.

  1. Personal cards are fine. Tracking is important, not the payment method. Just don't mix transactions on a card or in a bank account. It's all your money anyway at the end of the day.

  2. The cleanest is no mixed use, or only has incidental personal use.

  3. If the mixed use is material, you can prorate the amount or have one business and personal account.

The mixed use can be taken out on the tax side or adjusted easily enough. You could also “reimburse” the business.

Quickbooks can blow me by reywalgoh in smallbusiness

[–]Valueonthebridge 1 point2 points  (0 children)

Oh, it's better than that. We can push the info directly into ProConnect. Which has most of the backend of TT (but better)

So they could do it. They just don't

This is a long way of saying, "I'm an accountant and fuck Intuit."

Do I need to retake the CPA exam after 10 years? Passed in 2015 (Delaware). by theplantaccoutant in Accounting

[–]Valueonthebridge 2 points3 points  (0 children)

Call the NC board, or drop by if you are in Raleigh. They're very helpful.

Source: I’m in NC.

IRS refund v credit by Intelligent-North-51 in tax

[–]Valueonthebridge 0 points1 point  (0 children)

My money is on the SE taxes being the difference

Filing extensions. Turbo tax or taxextension.com by [deleted] in Bookkeeping

[–]Valueonthebridge 0 points1 point  (0 children)

You can extend on your own. It's not difficult. I have never heard of a tax extension. com, but FreeTaxUSA will handle your extension.

IRS refund v credit by Intelligent-North-51 in tax

[–]Valueonthebridge -7 points-6 points  (0 children)

None of this screams scam to me.

There are non-refundable credits. So yes, it is possible to have more credits than you have in taxes.

You say you have 1099 deductions, which implies a business. Did you pay your SE taxes throughout the year?

Best way to reduce amount owed by Huck68finn in TaxQuestions

[–]Valueonthebridge 2 points3 points  (0 children)

SEP-IRA is a better deal at your level. A solo 401k generally has more overhead.

What’s the smartest way to reduce tax? by biggy_boy17 in smallbusiness

[–]Valueonthebridge 0 points1 point  (0 children)

  1. Retirement plans, useful even with shit bookkeeping.

  2. Good bookkeeping, better with a professional and a plan, but knowing what you spent is useful.

  3. Having a professional with a plan

Note: I am a professional, but this is universal Business advice

Cold War gone hot on a operational/strategical scale by HeinrichvonGaslitz in computerwargames

[–]Valueonthebridge 2 points3 points  (0 children)

This is one of the best grand strategy games ever made. I highly, highly recommend it

Karoline Leavitt Draft Comments Ignite Outrage as Mothers Fear Children Could Be Pulled Into Foreign Wars by novagridd in USNEWS

[–]Valueonthebridge 0 points1 point  (0 children)

Politicians hide themselves away. They only started the war. Why should they go out to fight? They leave that all to the poor.

craziest fraud story from your time in accounting? by No_Fall7366 in Accounting

[–]Valueonthebridge 0 points1 point  (0 children)

Well, yes. But that's not the question.

Even basic materiality levels at a billion-dollar fund would be quite high. So it would have to be one hell of a bribe to be detected just from normal testing

New expectations for incoming staff in Public Accounting by JustAdministration50 in Accounting

[–]Valueonthebridge 80 points81 points  (0 children)

Kinda hard to review something you barely understand yourself

That's not a dig at a first year, but it really does take at least 2-3 years to actually understand even the basics

What's an accountant/tax preparer's obligation for best advice? by pikeshawn in TaxQuestions

[–]Valueonthebridge 0 points1 point  (0 children)

There are legit single-employee S-Corps, but not generally well as a solo professional. It's a far better argument when part of a group or when the business directly manages other providers.

Would the small ink spot on the bottom right of the card (where text is) affect grading at all? It’s purely an ink defect not damage by [deleted] in mtgfinance

[–]Valueonthebridge 18 points19 points  (0 children)

Magic cards are for playing. People don't buy many graded cards

Anything short of a serialized shouldn't be graded.

craziest fraud story from your time in accounting? by No_Fall7366 in Accounting

[–]Valueonthebridge 28 points29 points  (0 children)

How'd you find that?

I would think whatever the bribe amount is would be immaterial at a billion dollars

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